Does Gemini Report to the IRS?

Gemini reports certain customer transactions and income to the IRS under the federal digital asset reporting rules.

The biggest change is Form 1099-DA. Gemini issued the form for reportable 2025 crypto sales and exchanges, with statements delivered in 2026. The 2025 form showed proceeds but did not report cost basis.

For qualifying covered assets sold in 2026, Gemini also reports basis.

Yes. Gemini reports qualifying customer activity to the IRS through forms including Form 1099-DA and Form 1099-MISC.

For 2025 activity:

• Form 1099-DA: Gemini reported proceeds from certain crypto sales, conversions, and other dispositions. Cost basis was not reported for 2025.

• Form 1099-MISC: Gemini issued the form to eligible US customers with at least $600 of qualifying income, such as staking rewards, referral rewards, bonuses, promotions, and certain stablecoin rewards.

For payments made after December 31, 2025, the federal reporting threshold increased to $2,000 for many types of payments reported on Form 1099-MISC or Form 1099-NEC. That is not a universal $2,000 threshold for every box. Royalties, for example, generally retain a $10 threshold.

You still have to report taxable Gemini transactions even if Gemini does not send you a form.

Form 1099-DA is the IRS information return digital asset brokers use to report certain customer sales, exchanges, and other dispositions. Gemini began issuing it for 2025 activity.

For 2025 dispositions, Gemini reported gross proceeds but not cost basis. You therefore need your own records to calculate gains and losses and complete Form 8949 and Schedule D.

For qualifying covered assets sold in 2026, Gemini reports basis. In general, that means crypto acquired on Gemini on or after January 1, 2026 and held there until the disposition. Crypto transferred into Gemini from another exchange or wallet is generally noncovered, so Gemini may not report its basis. You need to preserve the original purchase date and cost yourself.

Gemini lets customers choose a cost-basis method for sales in their account. FIFO is the default if you do not select another supported method. Gemini also offers methods including HIFO and LIFO.

Since January 1, 2025, federal digital asset basis rules generally track units separately by wallet or account rather than through one universal pool across every platform you own.

Gemini asks customers to certify their tax status using Form W-9 for US persons or the applicable Form W-8 for non-US persons.

Customers who opened accounts before 2026 may need to provide or update that certification through Gemini's Tax Center. Gemini warns that accounts without valid tax certification may become subject to 24% backup withholding.

There is an important federal transition rule, though. IRS Notice 2025-33 gives brokers relief from backup withholding on digital asset sales during all of 2025 and 2026. For 2027, more limited relief remains available in certain cases where the broker obtains the customer's taxpayer identification number and receives a successful match through the IRS TIN Matching Program.

The tax result depends on the transaction, not simply on the fact that it happened on Gemini. Selling crypto for dollars generally creates a capital gain or loss.

Swapping one crypto asset for another generally creates a taxable disposal of the asset you give up. Crypto received through staking, referrals, bonuses, or other taxable rewards may create ordinary income based on its fair market value when you receive or gain control of it.

Generally, buying crypto with US dollars and holding it is not taxable. Moving crypto between wallets or accounts you own also generally does not create a gain or loss.

Gemini Earn is no longer an active program. Genesis suspended Earn withdrawals in November 2022. In 2024, Earn users ultimately received 100% of the digital assets owed to them in kind, with the final distribution completed in June. The tax treatment of the original Earn payments and the later 2024 recovery depends on the taxpayer's history and circumstances. There is no simple IRS rule specifically addressing the Gemini Earn in-kind recovery.

If you participated in Earn, keep your original deposits, prior income records, Genesis/Gemini distribution records, and the acquisition history of the returned assets. Consider having a tax professional review the 2022 through 2024 events before filing or amending a return.

New York regulators also took action over the program. In February 2024, the New York Department of Financial Services entered a consent order with Gemini that included a $37 million penalty and a $40 million contribution toward Earn customer recoveries.

In January 2026, the SEC announced that it and Gemini filed a joint stipulation dismissing the SEC's Earn lawsuit against Gemini with prejudice. The SEC said its decision took into account the full in-kind return of Earn customers' crypto assets and other regulatory settlements.

Start with a complete record of your Gemini activity. Separate taxable disposals, such as sales and swaps, from income transactions such as staking rewards and referral bonuses.

Capital gains and losses are generally reported on Form 8949 and Schedule D. Taxable rewards and other income are reported under the rules that apply to that type of payment. Do not rely on Form 1099-DA alone. Gemini's 2025 forms do not show cost basis, and transferred-in assets may remain noncovered even when basis reporting applies to other 2026 sales.

Yes. Gemini provides Form 1099-DA and Form 1099-MISC when applicable, along with transaction history that customers can use when preparing their returns.

Gemini does not prepare Form 8949 for you. You still need enough records to establish cost basis, holding period, and gains or losses. If you use multiple exchanges or wallets, your Gemini records alone will not show the complete history of crypto that moved onto the platform.

Gemini only has information about activity within its own platform. If you bought crypto elsewhere and later transferred it into Gemini, Gemini may not know the original cost basis or acquisition date.

Likewise, Gemini does not have a complete picture of activity in your self-custody wallets, DeFi protocols, or other exchanges. That is why you need to combine Gemini data with records from every platform and wallet you use.

Gemini's primary IRS reporting form for crypto dispositions is now Form 1099-DA rather than Form 1099-B.

Form 1099-DA was specifically created for broker reporting of digital asset sales and exchanges. For 2025 activity, Gemini reported proceeds without cost basis. For qualifying covered assets sold in 2026, basis reporting also applies.

Gemini keeps its tax documents in the Tax Center.

In your Gemini account, open Settings, then Statements & Taxes, then Taxes.

From there, you can access Form 1099-DA, Form 1099-MISC when applicable, and related tax information. Gemini also provides Exchange Transaction History and Staking Transaction History reports.

Customers who need to submit or update a Form W-9 or W-8 can also do so through the tax section of their account. Use these records together with your other wallet and exchange history when preparing your return.

Looking to calculate your crypto taxes? Try our free crypto tax calculator.

Tax planning depends on your full situation, but several rules may affect the tax you ultimately owe.

• Tax-loss harvesting: Selling crypto at a loss may allow the loss to offset capital gains, subject to the rules that apply to the asset and transaction.

• Holding for over a year: Crypto held as a capital asset for more than one year generally qualifies for long-term capital gains rates. For 2026, the 0% bracket extends to $49,450 of taxable income for single filers, while the 15% bracket extends to $545,500. Gains above that amount are generally taxed at 20%.

• Gifting crypto: Giving crypto as a bona fide gift generally is not a sale, so the donor does not recognize a capital gain merely because the gift is made. The recipient generally takes the donor's basis for determining a later gain, although special rules apply when the asset's value has fallen below the donor's basis. The annual gift-tax exclusion is $19,000 per recipient for 2026, and gifts above the applicable exclusion may require Form 709.

Learn more about how to reduce your crypto taxes.

TokenTax manages your Gemini tax records alongside activity from your other exchanges and wallets.

By importing your Gemini transaction data, TokenTax categorizes activity, calculates gains and losses, and organizes taxable income from rewards such as Gemini staking.

You can then reconcile your own complete records with the Forms 1099 Gemini sends and prepare Form 8949 and Schedule D reports.

Accurate results depend on including all relevant accounts, particularly when assets moved into or out of Gemini.